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Small businesses are considered to be any company that employs less than 100 people. In the United States, small businesses employ over half of the country’s workforce. While many people think that new industrial giants are the most important factor in driving the economy, small businesses are actually the top dog. Small businesses bring diversity, competition and entrepreneurship that help create jobs, and it also helps to keep revenue local. Without small businesses, where would half of the country work?

Product and service diversity is needed to have the demand of products and services met for each customer. Therefore, a multitude of small businesses is needed. Each selecting their own products or services offered, not on a national sales plan, but on their own interests and the needs of their local customers. This guarantees a much broader range of product choices and services, sometimes even at a lower cost. For example, if a bigger corporate business offers a large list of services and you as the customer only need a basic service, a smaller business offers a small selection based on what will actually sell. Because of this, the cost for the service will be significantly less.

Entrepreneurship fuels America’s economic innovation and prosperity by serving as a key means for families to move out of low-income jobs and into the middle class. Small businesses are started by an entrepreneur with a plan to succeed in business without having huge cost to pass on to customers and themselves. By being more efficient with their business they can help their business grow and in turn help their customers as well.

Locally owned businesses create more jobs locally and, in some sectors, provide better wages and benefits than chains do. Small businesses are able to create jobs as their profits grow, while big corporations have to let go of workers because profits diminish. Because of this, there is job security for workers who are hired by small businesses.

When compared to corporate companies, small businesses recycle a much larger share of their revenue back into the local economy, enriching the community as a whole. Every time a purchase is made to a small business, they gain a new appreciation for the community and are more likely to put their money into other small businesses as well. It’s a domino effect to help keep the money local.Small business owners understand the struggles they go through and by putting some of their revenue back into other small businesses they see it as an opportunity to grow their business as well. It’s a kind of “you scratch my back and I scratch your back” understanding with small businesses.

Whether they have a more diverse product and/or service selection, create more local jobs for people, recycle their revenue back into other small businesses or just have a plan to succeed and carry it out, small business owners always have a plan of action and know how important it is for the community to support them in order to survive. They know better than anyone what the local economy is like and what they need to do to drive business towards their products or services. After all, without small businesses, where would the corporate companies be?